Advice please. Firms for Final Salary Transfer £330k

Brighter_FS

iro wrote: »

Thankfully I was able to use that knowledge and find someone to help me out of my defined benefit scheme, I was obliged to pay a 'fine' for advice I did not require, which has diminshed my funds but allows me now to protect fully against inflation (not just the 5%), diversify my risk and crucially divorce my fortunes from a company I last worked for 30 years ago.

This company and the trustees will no doubt be looking at every subtle nuance of Government policy on pensions. If possible they will no doubt try to switch from RPI to CPI, and whatever else they can do to diminsh their liabilities.

Thank god I am out at 50x!

On the 6th Dec you noted ' Just completed my transfer very very happy' - I was wondering what has changed to make you so anti IFAs. I am sure there are some bad apples but as an IFA I have to say that majority of IFAs that I know are hard working people who have their clients interest at the heart of what they do.

iro

Nothing against IFAs in general (the one I used was excellent) and the sense of relief at completing the move within the time was immense but it did cost money and I would have preferred an execution only option, unfortunately if the Government force me to use an IFA I have a natural urge to avoid them in the future.

The three days spent phoning IFAs who do 'pension transfers' but not DB transfers was also a pain.

To be clear it is not the IFA's fault I am forced to use them by HMG!

But I will not be using one again.

iro

Look at the PPF actions in relation to Toys R US

I wonder how long 'gold plated' will last when it leads to job losses?

This is feeling very similar to the Equitable Life debacle when all the 'sensible' voices including a national newspaper campaigned against demutilisation which in hindsight would have shifted the risk to shareholders away from policyholders.